Extending consolidation below the 1.3100 level but scope seen for break to extend gains from the 1.2800 low
Level | Comment | Level | Comment | |||||
---|---|---|---|---|---|---|---|---|
R4 | 1.3184 | * | 5 Aug low | S1 | 1.3000 | * | Aug low | |
R3 | 1.3158 | ** | Dec low | S2 | 1.2950 | * | 6 Sep low | |
R2 | 1.3125 | * | 38.2% Apr/Sep fall | S3 | 1.2900 | * | congestion | |
R1 | 1.3100 | * | 3 Sep high | S4 | 1.2860 | * | congestion |
Asterisk denotes strength of level
02:10 GMT - Extending consolidation below the 1.3100 level but pressure remains on the upside and see scope for break here to extend gains from the 1.2800 low to further retrace the April/September losses. Nearby see scope to the target 1.3125, 38.2% Fibonacci level then the strong resistance at the 1.3158, December low. Break here, if seen, will see room for stronger gains to the 1.3184/1.3200 area. Meanwhile, support remains at the 1.3000 level which should underpin. Break here will return focus to the downside and see room to the 1.2950 support then the 1.2900 congestion.